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● The Apex Court quashes the interim order of the Court of Appeal returning control to the receiver manager; says the matter had not been properly addressed and orders the case be referred to the Federal High Court in Lagos
The Supreme Court on Monday quashed a Court of Appeal order freezing the assets of Neconde Energy Limited, Nestoil Limited and two others over an alleged $1.1 billion debt owed to FBNQuest Merchant Bank Limited and First Trustees Limited.
A five-member bench led by Justice Stephen Adah found that the three-member bench of the Court of Appeal had exceeded its powers in allowing an ex parte appeal against the appellants.
—“The matter has not been adequately addressed in court”—
In the main ruling, Justice Adah chastised the court of appeal for assuming jurisdiction and issuing an injunction against Neconde and Nestoil when the matter had not been adequately addressed.
The Supreme Court also accused the Court of Appeal of abuse of judicial process, particularly for suspending proceedings at the Federal High Court in Lagos while the case was still pending.
–’Timeline of the fight against debt–
The dispute arises from a debt collection procedure initiated by FBNQuest Merchant Bank and First Trustees against Nestoil and Neconde over financing agreements related to oil assets and operations.
October 1, 2025: The Federal High Court in Lagos granted an ex parte injunction to Mareva freezing the assets, bank accounts and shares of companies in over 20 financial institutions.
November 2, 2025: Judge Daniel Osiagor ruled that the ex parte order expired by operation of law after 14 days after the filing of a motion to discharge.
3. November 29, 2025: Judge Yargata Nimpar of the Court of Appeal granted an interim restorative injunction returning control of Nestoil’s assets and operations to the bank-appointed liquidator. It set aside all initiatives taken by Nestoil after November 20 and said the Mareva injunction continued to operate.
—Activities unlocked, control restored—
With the Supreme Court’s decision, the interim order of the Court of Appeal was annulled. The case returns to the Federal High Court for continuation of the trial. Neconde and Nestoil retain full responsibility for their companies and assets pending the final decision
